Who would be in control of the currency in a cashless society?

In many ways, recovery from the crisis has become possible due to prudent policies of central banks and states, which included instruments such as adjusting base interest rates and quantitative easing. However, the key role here was played by the very possibility of control over the system. In the face of chaos and uncertainty, private organizations and customers pin their hopes on the government.
It is the complete control over the system that allows the latter to effectively manage the market when needed, and to contribute to the well-being of citizens and the economy as a whole, as well as to maintain sovereignty. Everyone knows about the latest large financial crisis that broke out in the world back in 2007-2008. One of the affected countries was Germany, which economy by that time was already very important for the Eurozone. Millions of private accounts and the entire credit market of the country were endangered, and so the government had no choice but take matters into its own hands. From the very start, the German financial authorities introduced ban on “naked” short-selling in 11 financial stocks and guaranteed all private bank accounts and €400bn of medium-term bank lending. All this, together with the ECB anti-crisis policies and other actions, helped pull Germany out of the predicament and turned the country in one of the Eurozone’s financial leaders.

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